The Internal Revenue Service announced on November 6, 2019 that the contribution limit for employees who participate in 401(k), 457(b) and 403(b) plans is increased from $19,000 to $19,500. The catch-up contribution limit for employees age 50 and over also increased from $6,000 to $6,500.
The income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers also increased to $65,000 for married couples filing jointly, up from $64,000; $48,750 for heads of household, up from $48,000; and $32,500 for singles and married individuals filing separately, up from $32,000.
The IRS announced these and other changes in Notice 2019-59 (PDF), posted on IRS.gov.
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